OTHER ACTIVITIES

Oil & Gas Exploration & Production

In 2014, Group’s activities were focused in Greece, through the participation of HELLENIC PETROLEUM as an Operator (33.3%) in an international joint venture for the lease of the offshore region of the Patraikos Gulf and in Egypt, through participations in international consortia in the areas of West Obayed (W. Desert) and Mesaha (Upper Egypt).

In the Patraikos Gulf area, the minimum committed works for the first three year exploration phase includes, amongst others, the recording of 3D seismic studies of a total area of 800 sq. km. and 2D regional lines of length of 300 km. In the fourth quarter of 2014, the first geological studies in the area started. Furthermore, the company continued the study of available exploration data of both offshore and onshore regions of Western Greece, in preparation for a possible submission in an international tender announced by YPEKA. On this context, HELLENIC PETROLEUM submitted an offer for the lease of Arta-Preveza and NW Peloponnese areas, following a relevant tender issued by the Ministry of Production Restructuring, Environment & Energy.

In West Obayed, in October 2014, the consortium (HELPE 30%, VEGAS 70%) executed the last obligatory exploration drilling, which did not produce any positive results. After the refusal of the state company EGPC to renegotiate the term of the Contract’s duration and the executing of additional drilling, the consortium unanimously decided to relinquish from the area (5 December 2014).

In the Mesaha region, the consortium (Petroceltic, HELPE, KEC and Beach Petroleum) unanimously decided to return the area to the state company GANOPE following the results of the exploratory drilling Mesaha 1x and without having any remaining financial obligations.

Renewable Energy Sources (RES)

HELLENIC PETROLEUM - RENEWABLE ENERGY SOURCES SA (ELPE RES) was founded in 2006 and is a 100% Group subsidiary. The company’s object of business is the production and trading of energy products produced by renewable energy sources.

ΗELPE Renewables’ target is the development of a significant renewable energy portfolio (wind, solar, biomass etc.), over the next few years, diversifying thereby its energy portfolio and partial offset of the Group’s greenhouse emissions. The reduction of its carbon footprint will amount to at least 250,000 tons per year, offsetting a significant proportion of CO₂emissions that correspond to refining and gas-fired power generation.

ΗELPE Renewables already operates PV parks on Group-owned property with a total capacity of 1.4 MW as well as a 7 MW wind park in Pylos, Messinia. Further projects in various stages of development include: 3 additional PV projects with a nominal capacity of 11 MW, as well as 5 heat & power generation units from biomass (agricultural waste) with a total capacity of 25 MW.
In addition, HELPE Renewables, in collaboration with LARCO, is developing a PV portfolio of 148 MW as well as wind and hybrid projects.

During 2014, it employed 195 professionals. ASPROFOS directly supports the Group’s investments particularly in the field of refining and natural gas, through the provision of a broad range of technical, project management and other related advisory while it is continuously differentiating the range of its services, increasing its client portfolio, diversifying away of both the Group and Greece.

In 2014, the Company provided services in 120 projects, the most important of which are outlined below:

Aspropyrgos refinery: Studies for the energy saving of processing units

Elefsina refinery: Detailed design of operational improvements of the flexicoker and the supply of natural gas

DESFA network and facilities projects:

Overseeing the construction of the natural gas pipeline between Ag.Theodoroi and PPC Megalopolis